Section 1. In this chapter, unless a different meaning clearly appears from the context, the following words and phrases shall have the following meanings:—

(1) ''Corporation'', the Economic Development and Industrial Corporation created by section three.

(2) ''Cost of a project'', all costs, whether incurred prior to or after the issue of bonds or notes hereunder, of acquisition, site development, construction, improvement, enlargement, reconstruction, alteration, machinery, equipment, furnishings, demolition or removal of existing buildings or structures, including the cost of acquiring any lands to which such buildings or structures may be moved, financing charges, interest prior to and during the carrying out of any project, interest for up to two years after completion or estimate completion date of any project, planning, engineering and legal service, administrative expense, the funding of notes issued for capital purposes, such reserve for debt service or other capital or current expenses as may be required by a trust agreement or resolution securing notes or bonds, and all other expenses incidental to the determination of the feasibility of any project or to carrying out the project or to placing the project in operation.

(2A) ''Director'', the director of housing and community development.

(3) ''MOBD'', the Massachusetts office of business development.

(4) ''Economic development area'', any blighted open area or any decadent area, as respectively defined in section one of chapter one hundred twenty-one B, which is located in the municipality and is zoned for general or restricted manufacturing uses or for general or waterfront industrial uses whether restricted or not, and within which there are not more than forty-five dwelling units.

(5) ''Economic development plan'', a detailed plan, as it may be approved from time to time by the municipality as herein provided, for one or more economic development projects within an economic development area, which plan shall be consistent with local objectives respecting appropriate land uses, and shall be sufficiently complete to indicate the boundaries of the area, such land acquisition, such demolition, removal, and rehabilitation of structures, and such development, redevelopment and general public improvements as may be proposed to be carried out within such area, zoning and planning changes, if any, and proposed land uses, maximum densities and building requirements; provided, however, that no economic development plan shall propose zoning changes, to or from business or residential uses, or provide for any office building other than one wholly incidental to a manufacturing or industrial use within the area without the specific approval of the city or town within which the project lies.

(6) ''Economic development project'', (1) a project to be undertaken in accordance with an economic development plan for acquisition by the corporation of land and the improvements thereon, if any, within an economic development area covered by an economic development plan and for clearance and development of the land so acquired; or (2) a project for the rehabilitation or conservation of an economic development area, or for the demolition, removal, or rehabilitation of improvements on land within an economic development area whenever necessary to eliminate unhealthful, unsanitary or unsafe conditions, lessen density, mitigate or eliminate traffic congestion, reduce traffic hazards, or eliminate obsolete or other uses detrimental to the public welfare; or (3) a project involving any combination of the foregoing types of project. An economic development project may include improvements necessary for carrying out the objectives of the economic development project, together with such site improvements as are necessary for the preparation of any site for uses in accordance with the economic development plan, and making any land or improvements acquired in the area of the project available for redevelopment or rehabilitation by private enterprise, including sale, initial leasing or retention by the corporation for industrial or manufacturing uses in accordance with the economic development plan. An economic development project may also include the construction by the corporation of any of the buildings, structures or other facilities for industrial or manufacturing uses contemplated by the economic development plan and the repair, removal or rehabilitation by the corporation of any of the buildings, structures or other facilities located in the area covered by the economic development plan which, under such plan, are to be repaired, moved or rehabilitated.

(7) ''Municipality'', any city or town in the commonwealth which is designated by the executive office of labor and workforce development as being in an area of 'substantial unemployment'. The director may certify a municipality located in a labor area not meeting the criteria of 'substantial unemployment' as eligible under this chapter if it is determined that the municipality would by itself meet the criteria of 'substantial unemployment' were the appropriate statistics available. In order for a town to be eligible under this chapter it must also be certified by the director as satisfying the following requirements:—

a. That the corporation is to become an integral part of a comprehensive development program;

b. That the town has a demonstrable and significant demand for industrial land;

c. That the assembly of local industrial land by private developers or realtors is non-competitive with similar land assemblies in surrounding cities and towns due either to absolute shortage of land or to existing zoning restrictions; and

d. That the local redevelopment authority, if one exists, is unable to provide such assemblies of land as are necessary for economic development.

(8) ''Pollution control facilities'', facilities for the prevention, avoidance, reduction, control, abatement or elimination of pollution of air or waters by industrial establishments by any means.